GrainCorp tops gains on ASX 200 as Morningstar raises fair value estimate

Graincorp

17/11/2023 24:50

(Updates share moves, adds Macquarie and UBS comments)
    ** Shares of GrainCorp  GNC.AX  rise as much as 8.2% to
A$8.170, top gainer on the ASX 200 index  .AXJO  
    ** Stock hits highest level since Aug 10, sees best day
since May 11 if gains hold
    ** Analysts at Morningstar raise fair value estimate to
A$7.40/shr, note co delivered FY results broadly in line with
their forecast on the back of high supply chain margins
    ** Brokerages Macquarie and UBS expect strong net cash
position for GNC, to be primarily used for their onshore oil
seed crush plant
    ** More than 1.2 mln shares change hands, compared with the
30-day average volume of 504,322 shares
    ** Five of 8 analysts rate stock "buy" or higher, 2 "hold"
and 1 "sell" - LSEG data
    ** Stock up 3% YTD, as of last close

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((Shivangi.Lahiri@thomsonreuters.com;))